Ashish Kacholia, an investor in the travel accessories brand EUME’s Series A equity round, helped the company raise Rs 25 crore ($3 million). Current backers Prithviraj Kothari of Arvog Financial and Pradeep Rathod of Cello Group also took part.
In a fresh round led by Ashish Kacholia, the Mumbai-based startup raised Rs 15 crore ($1.7 million) earlier in June of last year.
The money raised will be utilized to support working capital requirements, improve operations, increase physical retail, and make marketing investments.
Established by Naina and Pranay Parekh, EUME started out as a luggage brand with a focus on design and has since gained recognition through partnerships with events such as SulaFest and the Tata Mumbai Marathon.
The three flagship locations that EUME intends to open in Hyderabad (Sarath City), Mumbai (Oberoi Sky City), and Bengaluru (Mall of Asia) in 45 days. In order to expand its offline presence and reach metro markets, the company has opened these new locations. The company wants to establish itself as a leading player in luxury luggage by fusing product innovation with store growth.
With a focus on high-end products, the brand plans to broaden its portfolio across travel categories. Along with corporate gifting partnerships, it keeps expanding its presence in both B2C and B2B markets.
